Probate Valuations FAQs

What is a probate valuation?

Essentially, the purpose of the valuation is to ascertain the total value of the assets held in the estate. There are a number of reasons why this is important. In the first instance, a probate valuation will be required to show whether or not Inheritance Tax (IHT) is due on the estate and, if so, how much will be charged. This is a vital step in the process, as it will directly impact the eventual sums to be passed on to the beneficiaries. Furthermore, according to probate law executors are likely to find that their powers of administration are limited until a percentage of any IHT owing has been paid. As such, it is important that probate valuation occurs quickly in order to ensure that the rest of the probate process can continue.

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Do I need a Solicitor?

No. Personal applications are accepted by the Probate Registry, if a deceased persons tax affairs are complicated then the use of a solicitor is advisable.

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Why do I need a professional probate valuation?

A probate valuation by someone without expert knowledge could result in over valuation, which could cause additional, unnecessary tax liabilities or undervaluation, resulting in a query being raised by the tax authorities, which could cause significant delays in the winding up of the estate. Read more on probate valuation rejection.

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How much do you charge for Probate Valuation?

We do have a set price which may obviously change under different circumstances i.e. cluttered properties or unusual, rare, or high value items that require further research. We DO NOT CHARGE BY THE HOUR like most companies.

We will give you one price & stick to it and have your Probate Valuation fully completed within 5 days from start to finish.

Give us a call & we will give you a no obligation quote within 60 seconds.

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I am unable to be present, can you pick the keys up or can i post them to you?

In Short Yes!

  • Some of our customers simply do not have the time or have more important commitments.
  • Some of our customers do not wish to pay the expense of traveling to the property again.
  • Some of customers find the whole experience simply too distressing.

Whatever your reason we can go ahead regardless in your absence.

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I’m not in the UK at the moment. Can you help?

Yes, we are always pleased to assist with international enquiries and have all the necessary facilities available for individuals and companies requiring our services while abroad.

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Can a probate valuation report be rejected by HMRC?

In shory yes! There are a number of inexperienced companies that are being queried by HM Revenue and Customs for inaccurate valuations, if this is the case probate valuations will be rejected causing unnecessary delays and additional expenses to executors. Our probate valuation schedules are clear, accurate and meticulously prepared in accordance with HMRC guidelines. Our written house contents valuations are prepared by experienced valuers and include photographic images alongside detailed descriptions with accurate current market values. Read more on probate valuation rejection.

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There is a car, will that also be valued & included in the valuation report?

Yes of course, cars, boats & caravans if present will be included in your valuation report at current market values.

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Which HMRC forms will I need when dealing with probate valuation of household and personal goods or chattels?

You will need to complete the following forms:

  • Schedule IHT 407 – For jewellery, vehicles, boats, aircraft, antiques, works of art, or collections
  • Schedule IHT 408 – This is for household and personal goods donated to charity.
  • Schedule IHT 404 – Jointly owned assets.

The forms are available online and can be downloaded from www.hmrc.gov.uk. Attach your written probate valuation to these forms when submitting them to HMRC.

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Can you value the actual property i.e house or flat?

No, we only value what is inside the property the actual contents. An estate agent will value the actual property.

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The contents of the property concerned realistically have no commercial value, so why do I need to get a professional written probate valuation?

Even in this case it is advisable to get a professional, accurate valuation, as the Inland Revenue usually requires this, the last thing you want is HMRC querying anything at a later date & you not being in possession of any paperwork to back up your claims, it can also help to speed up the winding up of the estate.

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Can you undertake a probate valuation in a cluttered property?

In short yes, we do many probate valuations for cluttered & verminous properties. READ MORE

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Can you arrange to clear the unsalable contents of the property?

Yes, once your ready to proceed to that stage we can then arrange the property to be fully cleared & cleaned on your behalf ready to be put up for sale or rent. House Clearance Service

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The majority of the personal possessions and contents belonging to the estate are antique, and are of considerable value. Can you provide specialised valuations of high value antiques and fine art?

1st Call has a considerable amount of experience in the field of buying, selling and valuing antiques and are often asked by auction houses, the police and insurance companies to value single antique pieces or whole estates. We constantly monitor the antiques & collectibles market and are fully aware of aspects such as rarety, quality, special features and can easily recognise certain things that may not be apparent to you. ( See our exceptional finds section )

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Is a probate valuation different to an insurance valuation?

Yes. A probate valuation is the mid range value expected of the estimated value, but an insurance valuation will be the full value of replacement, which will generally be higher.

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What areas do you cover?

The Whole Of The UK

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